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Discover First to Offer FICO® Credit Scores for Free to Everyone as Part of New Credit Scorecard

May 20, 2016

Online Service Gives Consumers the Credit Score that 90 Percent of Top Lenders Use

RIVERWOODS, Ill.--(BUSINESS WIRE)-- Starting today, everyone can check their FICO® Credit Score for free by using Discover’s new Credit Scorecard, including those who are not Discover customers. In addition to providing the credit score that 90 percent of top lenders use, Credit Scorecard provides a summary of the data that determines an individual’s FICO® Score.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160520005041/en/

Credit Scorecard sample dashboard (Graphic: Business Wire)

Credit Scorecard sample dashboard (Graphic: Business Wire)

Users can sign up at discover.com/creditscorecard to get their personalized credit profile and FICO® Score based on data from Experian, a global leader in consumer credit reporting. With the launch of Credit Scorecard, Discover is the only credit card issuer to offer FICO® Scores for free to everyone.

“Credit scores play an important role in many of life’s big moments, like buying a home or a car, taking out a student loan, even renting an apartment,” said Roger Hochschild, Discover’s president and chief operating officer. “At Discover, we think it’s important that consumers have the information they need to manage their credit. With Credit Scorecard, this information is readily available to everyone, Discover customers and non-customers alike, in a way that’s both easy to use and to understand.”

“When companies have consumers’ best interests at heart, amazing things happen,” said Jim Wehmann, executive vice president, Scores, at FICO®. “Discover has a knack for introducing products and services that consumers love. Now, by making FICO® Scores available to everyone through its Credit Scorecard, Discover is empowering people to understand their financial health, beginning with seeing their FICO® Score, which is used by 90 percent of top lenders to evaluate their creditworthiness.”

Credit Scorecard is the latest in a line of products and services offered by Discover to help consumers establish credit and better manage their finances. In 2013, Discover became the first major credit card issuer to provide FICO® Scores for free to cardmembers on their monthly statements and online. In 2015, Discover introduced a feature that enables cardmembers to track their recent FICO® Scores. Earlier this year, Discover launched the Discover it® Secured Credit Card for those looking to build or rebuild their credit.

“Discover recognizes how important it is for consumers to have a clear understanding of their credit health. That’s why we have provided our cardmembers with FICO® Scores for free since 2013,” said Julie Loeger, Discover’s executive vice president and chief marketing officer. “Now, we’re extending this benefit to everyone. With Credit Scorecard, all consumers can check their FICO® Score for free and use the information to help them stay on top of their credit.”

“We are very pleased that Discover is incorporating Experian's data into its Credit Scorecard. This initiative reflects Experian and Discover’s commitment to empower people to take a more active role in managing their financial reputation and to make the most of their credit,” said Alex Lintner, president, Consumer Information Services at Experian. “Credit Scorecard is a great way for consumers to understand the behaviors that shape their credit history, which is critical to them being able to strengthen their financial well-being.”

People believe the simple act of checking one’s credit score can have a positive impact on their credit behavior, according to a recent independent survey1 commissioned by Discover. The survey found that of those who had checked their credit score within the last year, 61 percent said checking their score helped them improve their credit behavior, such as paying bills on time, paying down loans and maintaining low credit card balances. In addition, 60 percent of those who had checked their credit score within the last year saw their score improve, including 21 percent who said their score improved greatly and 39 percent who said their score improved slightly.

Credit Scorecard includes:

  • FICO® Score for free
  • What is helping and/or hurting the consumer’s FICO® Score
  • Summary of the data that determines the consumer’s FICO® Score, including:

    • Number of missed payments
    • Number of accounts
    • Number of recent inquiries
    • Revolving credit usage
    • Length of credit history
  • Resources and education materials to help consumers stay on top of their credit

For more information, go to discover.com/creditscorecard.

About Discover

Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home equity loans, checking and savings accounts and certificates of deposit through its direct banking business. It operates the Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discover.com/company.

FICO® Credit Scores provided by Credit Scorecard are based on data from Experian and may be different from other credit scores. See discover.com/creditscorecard to learn more. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

1 The national survey of 2,000 consumers ages 18 and over was commissioned by Discover and conducted in March 2016 by Toluna, an independent survey research firm. The maximum margin of sampling error was ±5 percentage points with a 95 percent level of confidence. The results were based on consumers’ self-reported estimated credit scores.

Source: Discover Financial Services

Discover

Derek Cuculich, 224-405-0665

derekcuculich@discover.com

@Discover_News